NEWPORT — A local couple has purchased the Ruger estate for less than 20% of the original listing price of more than $3 million, according to county records.
James Watson and Ida Walter paid $612,733 for the Corbin Road property at last month’s auction.
The Newport property when originally listed had an asking price of $3.75 million, which included 500 acres of land. This was later reduced to $2.5 million with 110 acres included. There were six bidders registered taking part in the auction.
The Newport mansion was built in the 1880s by millionaire Austin Corbin and later sold to William Ruger Jr., son of Sturm Ruger & Co. founder William Ruger Sr. The younger Ruger would go on to eventually run the family firearms design and manufacturing business. He died last year at the age of 79.
The Ruger family reportedly had no interest in living at either the Newport estate nor another in Bar Harbor, Maine, that was auctioned the same day.
The even grander Maine property was originally listed for $12 million and sold to Delta Realty LLC, a Maine real estate company, but the sale price has not yet been made public, according to the Hancock County, Maine, Registry of Deeds. There were nine registered bidders in the Maine auction, according to Matt Marin, an account executive with UpSpring PR in New York.
Sturm Ruger is one of the largest employers in New Hampshire, operating a manufacturing plant in Newport. The company is one of the nation’s most prolific gunmakers, with factories in Mayodan, N.C., and Prescott, Ariz., as well.
The extensively renovated Newport estate is described as a four-bedroom home with four full bathrooms and two half-baths in the main house, and another four bedrooms and four bathrooms in the caretaker’s quarters at 1,700 square feet.
The property also includes a barn, a heated workshop, a television and radio workshop, and a gentleman’s library, according to the listing.
The Maine mansion is a 12,500-square-foot oceanfront property on “Millionaire’s Row” in Bar Harbor.